CIT has sold its Quedam shopping centre in Yeovil to UBS for £62m, an initial yield of 5.5%.
The company decided to sell it following several unsolicited approaches. The 1980s centre was part of the 11-strong Charterhouse Fund portfolio, which CIT bought for £325m in January 2003.
The 240,000 sq ft (22,300 sq m) centre boasts top zone A rents of £90 per sq ft and is anchored by Bhs, Boors and Littlewoods.
UBS has appointed Chester Properties as asset manager of the centre.
CIT was advised by DTZ, while Stockford Staunton acted for UBS.
Taylor Woodrow this week put its Orchard Centre in Didcot, Oxfordshire, up for sale with a £46m price tag.
Construction of the 230,000 sq ft (21,400 sq m) centre, which is only half let, started in January last year and will be completed this spring.
Taywood has appointed Vail Williams to market the town centre scheme to a few selected parties. The developer does not want to hold on to the asset once work is completed.
References: EGi News 07/03/05
